Research On The Influence Of Debt Structure On Corporate Performance Of Listed Companies

Corporate debt financing is the most important way for the enterprise external financing.It has a direct relationship with the financing costs and profits and can affect the outside investors via signal transmission which will have a stake on the performance of the enterprise.In this sense,the enterprise's debt structure has long been the focus of research in academic circles.The agricultural industry as a pillar industry of our national economy,has great influence on the development of China's national economy.Agricultural listed companies in China are the representatives of the agricultural industry.Research on the the debt structure and the operation of the company and the governance of China's Agricultural Listed Companies in our country has important theoretical significance not only in that of reference value,but also help to achieve business objectives of agricultural listed companies,improve the competitiveness of the company and the company value,which is of great importance to further promotion of China's national economy.Firstly,the paper introduces literature review on the relationship between debt structure and corporate performance at home and abroad.In the theories part,it defines the related concepts,including the concept of corporate performance,the definition of the liability structure;secondly,the theoretical basis of debt structure and corporate performance,and the status of agricultural listed companies were introduced and analyzed;then the theoretical analysis on the debt structure of descriptive statistics and the use of the Eviews.7 to analyze the impact of debt structure on corporate performance.On the basis of theoretical research,this paper analyzes the debt situation of agricultural listed companies in China,and describes the operating performance of agricultural listed companies in china.Then,the empirical study on the impact of debt structure on corporate performance of agricultural listed companies in China,The empirical results show that:(1)the overall structure of the liabilities of agricultural listed companies and the asset liability ratio of agricultural listed companies are significantly negatively correlated with corporate performance.(2)short-term debt ratio has a significant negative impact on corporate performance.(3)the proportion of bank loans on corporate performance is negative.The effect of commercial credit loan proportion on company performance also showed a negative correlation,however,the negatively correlated effect of the proportion of bond financing is not significant,so not included in the statistics.The last chapter is the r an empirical analysis of the results and the conclusion of this paper.The author puts forward several suggestions to optimize the debt structure of agricultural listed companies in China as follows:to enhance profitability of agricultural enterprises,and optimize debt maturity structure;to further improve the bank loan system,and strengthen the role of the bank as the main creditor;to actively develop the liability of corporate bond financing mode,and improve the proportion of bond financing.